In the next 12 months as a whole, we are positive on high-grade paper. High-grade valuations on banks and corporates are cheap compared to a year ago. While there are also good investment opportunities in the high-yield space this year, security selection is very important, and our high-yield investments will be on a case-by-case basis. We think there will be divergences in performance among credits, and our bottom-up credit selection focuses on names that have multiple funding sources for example, an ability to tap the local bondsyndication markets, low refinancing risks and sectors that have low correlations with the US slowdown.
Overall, we remain cautious and await for...
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